The BOJ offered to buy an unlimited amount.....>

JGBS: The BOJ offered to buy an unlimited amount of 10-Year JGBs at 0.10% late

in the day. This was touted earlier on and represents the second such operation

conducted this week (prior operation conducted at 0.11%).

- The headlines led to 10-Year JGB yields unwinding the bulk of their gains

(which occured on a lack of the operation alongside the Rinban), trading at

0.095% last after registering an early high of 0.113%, with the curve unwinding

its earlier steepening.

- JGB futures hit a high of Y150.64 on the move after an early test of support

at 150.45. Resistance is noted at the July 15 high (150.79).

- The BOJ left the size of its Rinban covering the 1-10 Year buckets unchanged

at today's operations. Looking at the breakdown, the offer to cover ratio of the

1-3 Year bucket eased to 3.35 from 4.41, while the offer to cover ratio of the

3-5 Year bucket tumbled to 1.93 from 3.44, while the offer to cover ratio of the

5-10 Year bucket ticked up to 3.25 from 2.95.

- Focus is on the BOJ's MonPol decision due next week.